A striking 93% of the candidates who secured seats in the 2024 Lok Sabha elections are millionaires, showcasing a notable increase from 88% in 2019, according to a recent analysis by the Association of Democratic Reforms (ADR). Out of the 543 winning candidates, 504 have declared assets exceeding Rs 1 crore.
This upward trend has been consistent over the years. In 2019, 88% of the winning candidates were millionaires, up from 82% in 2014, and only 58% in 2009. The top three wealthiest candidates in the 2024 elections are TDP’s Chandra Sekhar Pemmasani from Andhra Pradesh’s Guntur constituency, with assets worth Rs 5,705 crore; BJP’s Konda Vishweshwar Reddy from Telangana’s Chevella, with Rs 4,568 crore; and BJP’s Naveen Jindal from Haryana’s Kurukshetra, with assets totaling Rs 1,241 crore.
The analysis further reveals that 227 (95%) of the BJP’s 240 winning candidates, 92 (93%) of the Congress’s 99, 21 (95%) of the DMK’s 22, 27 (93%) of the TMC’s 29, and 34 (92%) of the Samajwadi Party’s 37 candidates have declared assets worth more than Rs 1 crore. Additionally, all winning candidates from AAP (3), JDU (12), and TDP (16) are millionaires.
The data suggests that millionaire candidates had a significantly higher chance of winning in the 2024 elections, with a success rate of 19.6%, compared to just 0.7% for candidates with assets below Rs 1 crore. This analysis also sheds light on the wealth distribution among the winning candidates.
Notably, 42% of the winning candidates possess assets totaling Rs 10 crore and above. Meanwhile, 19% have assets in the Rs 5 to 10 crore range, and 32% hold assets between Rs 1 and 5 crore. Only about 1% of the winners have assets worth less than Rs 20 lakh.
The average assets per winning candidate vary significantly among major parties. TDP leads with an average of Rs 442.26 crore per winner, followed by BJP with Rs 50.04 crore, DMK with Rs 31.22 crore, Congress with Rs 22.93 crore, TMC with Rs 17.98 crore, and SP with Rs 15.24 crore.
The analysis also highlights disparities within the financial profiles of winning candidates. While some boast substantial assets, others have relatively modest worth. For instance, BJP’s Jyotirmay Singh Mahato from West Bengal’s Purulia has declared assets totaling just Rs 5 lakh. Similarly, TMC’s Mitali Bag from West Bengal’s Arambag holds assets worth Rs 7 lakh, and SP’s Priya Saroj from Uttar Pradesh’s Machhlishahr has assets valued at Rs 11 lakh.
Additionally, the analysis identifies candidates with high liabilities. TDP’s Pemmasani tops the list with liabilities exceeding Rs 1,038 crore. DMK’s S Jagathratchakan from Tamil Nadu’s Arakkonam has liabilities worth Rs 649 crore, and TDP’s Prabhakar Reddy Vemireddy from Andhra Pradesh’s Nellore has liabilities amounting to Rs 197 crore.